Am I legally required to have Public Liability insurance?

For most businesses there is no insurance which in mandatory by the New Zealand government. But having insurance may be a requirement for certain customer contracts or work sites. While Public Liability insurance isn’t legally required many business owners wouldn’t want to go without it! The cost of a Public Liability claim can stack up to thousands of dollars, if you wouldn’t be okay to pay this out of packet, you may want to consider Public Liability insurance.

Does my business need Public Liability insurance?

If you have a business where you operate on your client’s property, or in public spaces, or if your clients or members of the public come to your business premises, you may want to consider Public Liability insurance .

Is Public Liability insurance the only cover I need for my business?

Finding the right mix of insurance cover will be unique to the needs and risks of each business. People who purchase Public Liability may also consider: Tool & Portable Equipment Insurance: To cover the tools you take with you against loss and damage. Business Interruption Insurance: To cover ongoing expenses such as rent and utilities if business stops or is interrupted due to an event such as fire, theft, or flooding. Building Insurance: To cover the cost of repairing or reconstructing damage to buildings your business owns, which is the result of fire or other insured event. Contents (Property) Insurance: To cover the cost of repairing or reconstructing damage to contents your business owns, which is the result of fire or other insured event.

How much Public Liability cover do I need?

With BizCover there are 5 levels of Public Liability cover to choose from, being $1 million, $2 million, $5 million, $10 million, and $20 million. Policies are typically tailored to suit the type of industry your business operates within. However, the amount of cover required will vary from one business to another.

How do I get the right cover for my business?

When deciding on how much cover you need for your business, consider the following factors: Do any of your contracts require a minimum level of cover? Has your industry section set a minimum level of cover for membership? Does your business or trade license require a minimum amount of cover? Do the terms of your lease require a minimum level of cover? Finally, think about what your level of risk and exposure could be. What kind of accidents could occur, and what could be the potential cost of a claim?

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Q: What is the difference between Public Liability and Professional Indemnity insurance?

Both Public Liability and Professional Indemnity insurance can protect your business from the result of a mistake or accident, but the types of mistakes and accidents they cover are different. Public Liability insurance protects your business against claims resulting from injury to a third party, or damage to a third party’s property. Professional Indemnity insurance protects your business if a client claims the advice you gave was negligent and has resulted in financial losses.